Lending to the Irish tech sector to increase as Bank of Ireland bolsters its technology sector team.
The Irish technology sector is one of the most dynamic areas of the economy. At a recent event hosted by Bank of Ireland and supported by Technology Ireland and Gartner, Adrian Mullett, head of the technology sector at Bank of Ireland said lending to the sector in 2017 grew by 150% supporting the growth of software and services companies, including Roomex.com, Propylon, vStream and Storm Technology.
“Projected revenues of indigenous tech firms are set to grow by 20% in 2018 to €3.5bn,” says Mullett.
A dedicated technology team
“Given this growth, we are expanding our dedicated technology team, with two key appointments, so we can continue to provide the right guidance to our customers,” says Mullett. “A larger technology team will help us to serve technology companies better and capitalise on the growth in lending we have delivered.”
The technology sector team in Bank of Ireland has a strong relationship with Gartner to glean deep regional and global insights into every significant business function of the market.
At the event, the keynote speaker Sandra Notardonato, research vice president with Gartner, gave a global market overview that included the paths for Irish firms that want to break into other markets.
“For the first time in nearly a decade we see worldwide end-user IT spending in the technology sector increasing,” says Notardonato.
“Our annual CIO survey shows an increase in IT budgets in 2018, of which 25% is dedicated to digital initiatives.”
The spend on IT services is showing healthy growth, especially in Europe with Ireland, Switzerland and Germany leading the way, followed by southern Europe where countries are playing catch up after years of underinvestment.
“Automation is the most meaningful change to the IT services business model since off-shoring,” explains Notardonato.
IT outsourcing is also showing
